The Financial Express
Swasti Lankabangla Swasti Lankabangla

Stocks extend winning streak amid rising turnover

| Updated: February 15, 2020 11:39:47

Stocks extend winning streak amid rising turnover

Stocks extended the winning streak for the third straight session Thursday, with turnover hitting one-year high, amid growing investors’ confidence to the market.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 83.78 points or 1.86 per cent to settle at 4,564.

Market analysts said investor enthusiasm sustained as some retail and institutional investors remained active on the market amid optimism, taking the turnover to one-year high.

The Bangladesh Banks’ fund supportive measures coupled with the government’s moves to offload shares of state-owned enterprises boosted investor’ confidence, said a leading a leading broker.

The BB on Monday allowed 59 schedule banks to form a Tk 2.0 billion special fund each by taking low-interest loans from the central bank to invest in the stock market.

An analyst said the central bank’s moves would improve the liquidity flow. But government should address the issues like rampant manipulation, a lack of good governance and dearth of quality stocks for long-term stability in the market.

Turnover, a crucial indicator of the market, stood at Tk 7.30 billion on the country’s premier bourse, climbing further by 11 per cent over previous day’s mark of Tk 6.57 billion.

It was the biggest single-day transaction in one year since February 14, last year, when the turnover totaled a record Tk 9.32 billion.

Two other indices also ended higher. The DS30 index, comprising blue chips, rose 20.56 points to finish at 1,536 and the DSE Shariah Index advanced 15.12 points to close at 1,045.

Gainers took a strong lead over the losers as out of 356 issues traded, 259 closed higher, 65 ended lower and 32 remained unchanged on the DSE trading floor.

A total number of 184,279 trades were executed in the day’s trading session with trading volume of 299.06 million shares and mutual fund units.

The market-cap of the DSE also rose to Tk 3,470 billion, from Tk 3,421 billion in the previous session.

Khulna Power Company topped the turnover chart with shares worth Tk 286 million changing hands, followed by LafargeHolcim, Indo-Bangla Pharma, Shepherd Industries and SS Steel.

Far Chemical Industries was the day’s best performer, posting a gain of 10 per cent while Samata Leather Complex was the worst loser, losing 5.72 per cent.

The port city’s bourse, the Chittagong Stock Exchange, also ended higher with its All Shares Price Index (CASPI)—soaring 269 points to close at 13,903 and the Selective Categories Index - CSCX –rising 165 points to finish at 8,432.

Here too, the gainers beat losers, as 194 issues closed higher, 42 ended lower and 24 remained unchanged on the CSE.

The port city bourse traded 15.58 million shares and mutual fund units worth Tk 734 million in turnover.


Share if you like